NCB is profitable, strong and safe – BOJ Loop Jamaica

The content originally appeared on: Jamaica News Loop News

National Commercial Bank Financial Group Limited (NCBFG) has announced significant changes within the senior management of the holding company.

The decision, which has drawn attention from both the local and international community, has prompted the Bank of Jamaica (BOJ) to address potential concerns.

In response to these corporate developments, BOJ has moved to assure the public in Jamaica and abroad that the member companies comprising the NCB Financial Group are well-established and thriving.

The central bank gave the assurance that the member companies of the “NCB Financial Group are profitable, strong, safe, and sound and possess sufficient capital and liquidity, which are above regulatory requirements.”

This affirmation aligns with the recent statement issued by the Financial Policy Committee of Bank of Jamaica, reaffirming the strong capitalization and liquidity of the Jamaican financial system.

The central bank also underscored its commitment to continuous robust supervision of all deposit-taking institutions and their holding companies with a focus on risk-based assessments, including ensuring that satisfactory corporate governance arrangements are in place at all licensees.

The market was informed on this morning that NCB Financial CEO Patrick Hylton and his deputy Dennis Cohen would depart the company after serving for nearly four decades combined.

The banking conglomerate’s chairman Michael Lee-Chin will carry out some executive responsibilities, with National Commercial Bank head Septimus ‘Bob’ Blake; Ian Chinapoo, Group CEO of Guardian Holdings Limited and Ian Truran, CEO of Clarien Bank Limited assuming leadership responsibilities within the group

The development also comes as Lee-Chin publicly expressed his unease with the lack of dividend payments.

“Firstly, I’m not happy. I am definitely not happy. And I am not just speaking for myself. I am speaking for all shareholders, including the pensioners. Certainly, we all depend on the income from dividends,” Lee-Chin was quoted in a media report.